California Governor Gavin Newsom expanded the powers of the Department of Business Oversight to strengthen regulation of the cryptocurrency industry. The bill will take effect on January 1, 2021.
477906898-DBO-News-Release-DFPI-9-25-2020 by ForkLog on Scribd
The document renames the regulator to the Department of Financial Protection and Innovation. It gains broader powers to regulate digital assets and to protect citizens from fraudulent schemes or unlicensed financial services.
The bill envisions the creation of the Office of Financial Technology Innovation and the Division of Consumer Financial Protection. It will house a research department that will monitor new products, such as cryptocurrencies.
Since 2019, U.S. lawmakers have introduced 32 bills to regulate the cryptocurrency industry. One of them treats such assets as a means to evade sanctions, with Venezuela cited as an example.
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